tv The Willis Report FOX Business September 13, 2013 6:00pm-7:01pm EDT
what he said was women were not good at math and science is. >> i understand what he said. melissa: i110 to be explicit. >> okay. thank you. but that does not have all lot to do with making monetary policy. think of the alternative. she is a woman. immediately they feel that if they can get rid of summers she is next in line, she is of the liberal. known for her medal to the panel lat. do we really want her in charge of the money supply? gerri: i do not think that people don't like larry because of to say about women. i think those comments have been largely forgotten. but one senator said we need a consensus builder. also concerned about whether he plays well with other children. frankly, i have interviewed the man twice in the is brilliant. no doubt about it. a fantastic economist, very knowledgeable, very persuasive, but he likes everyone to go along with him. >> that is correct. the second part of my answer would be that he is the
economists none of us want to have dinner with. because he always comes to a quick conclusion as to who has the superior intellect and the room. the thing about mr. summers, a very good mathematical economist and theoretician. on public policy his prescriptions have been found wanting. he was the guy behind getting rid of glass stiegel and so forth. and in a lot of ways mr. summers was the intellectual father of the financial crisis. gerri: welcome also one of the guys to step into the breach during the asian financial crisis. so he has been a threat of. he is a fan of stimulus for sure in taking arrows from all sides. it will be interesting. it is always great to have you on the show. appreciated. >> you will see you again. gerri: thank you. well, california economy, not just the u.s., finally turning around. is the golden state derailing
itself by hiking the minimum wage. with more on this, columnist for the national review. good to see you again. >> thank you. gerri: before we get to california want you to weigh in on summers because i know you have an opinion about larry summers. very controversial. also brilliant. should he be the next federal reserve chairman? >> technically he is extremely competent. i think both of them and along with many other people would be technically qualified. they will both deliver approximately the same economic policies which is the heroine of stimulus, continue coursing through their veins. i think he is -- frankly there is not much difference. gerri: that is fascinating. you make a good point. let's get down to california for a second. thereabouts to boost the minimum wage to $10 an hour putting them at the top of the list. we have a graphic. eight hours -- $8 an hour to $9
an hour to ten. over several years. what will be the result of that? >> well, we know because all the empirical studies show that it reduces demand for labor. marginal workers, a teenager's, people working part time will be cut. more mechanization. i used to run a program for your people in california. i was a supervisor for kids earning minimum wage. i have to tell you, i saw the effect of minimum-wage increase. some kids just would not be hired. gerri: they say that we are doing this for the 2 million people and make minimum wage in california. you may help them out of a job. >> here is the sad part. when we think a minimum wage we think of someone who is struggling to keep their family together. well, that's for and have percent of minimum-wage workers. the average worker is a teenager or someone who is part time helping to supplement family
income. the you know what the average household income is? $47,000 per year. far more than minimum wage. for helping a few people of the bottom we cut the limbs of opportunity for a lot more. gerri: i see minimum wage as a training wage. you come in, learn how to be in the workforce. good habits to get to work on time, play with others well, how to get your job done on time. you know, at the end of the day you're not supporting a family. people and understand the numbers you were just describing , how few people actually make minimum wage. the reality is a lot of people are not making minimum wage because the markets are so competitive that people have gotten raises. the employers do it themselves, competition is i. gerri: washington d.c. and chicago, run by very liberal mayors. they both in recent years, vetoed minimum wage increases. with the veto message of washington d.c. african-american
mayor was we need more jobs in this city. this increase will keep jobs out of the city. gerri: you expect a liberal response. that is just interesting. there they turn it down and in california they flip the switch. thank you for coming on. good to have you on the show. now we want to know what you think. who should set the minimum wage, the marketplace or government? log on to gerriwillis.com, vote on the right-hand side of the screen and i will share the results of the end of the show. more more more to come, including a look at one of the hottest investments out there today. and soon able to surf the web while flying the friendly skies. the growing trend of wi-fi on airplanes coming up. ♪
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chief technology officer for inflight internet service. thank you for coming on. how fast is that? >> not extremely fast compared to what is available today from other services. about 20 times compared to what they have today. gerri: one of the big deals is if you do gated on the plane, super slow and super frustrating. people want to work harder on the airplane. it is a good thing for business people. do you see that there is a lot what do you plan to charge for your services? >> we see all lot of debate -- a demand when we will ask launch the technology. predict, but we expected to bring a lot more value the customer for what they pay. gerri: every time i am on the plane they are constantly telling you to put your laptop away doesn't
really interfere with what the pilot is doing? >> no. we go through extensive testing that there is no interference with the avionics system. the safety is assured by a lot of faa regulations and procedures. gerri: it is safe but can i watch a movie on wifi? >> people are doing that today. with the internet browsing services and they have been doing it on 7,000 flights every day. gerri: what airlines are you one right now? how much uptake will you have from other carriers? >> in the united states we are in over 2,000 planes coming over 7,000 flights almost all major airlines. dell tough, u.s. airways, american, united,
v erge of america as we have a presence on most all airlines and united states. gerri: thank you for coming on. it is an interesting story i know all the business travelers are excited. thank you for your time. later in the show's legal panel weighs in on the ability to use your welfare card at the atm. how you do that? how to invest in a classic collectible cars. ♪ [ woman ] if you have the audacity to believe your financial advisor should focus on your long-term goals, not their short-term agenda. [ woman ] if you have the nerve to believe that cookie cutters should be for cookies, not your iestment strategy.
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how old is the oldest person you've known? we gave people a sticker and had them show us. we learned a lot of us have known someone who's lived well into their 90s. and that's a great thing. but even though we're living longer, one thing that hasn't changed muc is the official retirement age. ♪ the question is how do you make sure you have the money you need to enjoy all of these years. ♪ >> not just collectible cars a fun to drive that could make you money.
gerri: looking at your portfolio what about collectible cars to be the perfect investment? check this out. 1954 mercedes-benz race ccr sold at $30 million the highest price ever paid for a car at public option. how do turn a hobby into the money-making machine? i just want to tell our audience it will be slow back-and-forth with the audio delay but i have been looking forward to this. or are we too late? it sounds like the big deals have been done.
>> no. there is a constant evolution. at 1.the chevy is high but the corvette is not valued so follow the market just like any stock or bond any type of investment the better your into the market the better you learn in the more powerful your decisions can be. gerri: center do little secret you know, what about this market. why did you get involved? is it tough to make money? >> we are heavily involved in the marketplace for over 30 years. i choose cars that i personally like so you don't feel that a buyer's remorse. my father bought a ferrari at the top and try to sell it at the bottom.
zell monitor the market the older phrase, the '60s, the the four g.t., the shelby mustang, the corvette, if you buy that car you have to get a deal. by it from the auction house you will pay too high maybe from a broker you almost want to find the private person. that is why home market is so critical so when you do purchase that car you make a good choice and don't get hurt. gerri: where do i look for this information? >> there are a couple of good web sites if you look at race cars there are all kinds of websites and as well. also rmr auctions to show the trend i was in monterey
and we went to five different auction houses delivering 760 cars for over $300 billion. they will tell you how many people are getting into the marketplace. nothing like driving your investment. gerri: it seems that has to be pretty complicated. it is fun but but you have to have the money to start playing? >> you can purchase a car in the 20 or $30,000 range torpor for a mustang mustang, something they wanted as a kid says 65 mustang. you can pi $20,000 range but the key is to pick the right one. the right engine, options engine, options, make sure was not in the accident and if restored, if it was done properly. if you can find the original
user can find that because there of the original ones. gerri: good point. how do i know it is in a good condition? no accidents? those are big issues. >> there are certified appraisers and experts to hire they will go look maybe a neighbor down the street that has a corvette sitting in the crotch. to lead one to invest in the 69 corvette? it depends on the engine. yes you will pay them but it is just like the used car that will actually pay off in a big pitcher taking the investment very wisely and a precaution you could be stuck with a car that has a lot of issues. gerri: that would be terrible. gerri: what mistakes to people make for the first
time? >> they buy cars on impulse they think cars have to be worth money without doing research they will buy the car and cannot get rid of that. or the restoration is a stitch a label or -- substantially more event it could ever be or they purchase the kit carts thinking it is real or has replacement parts or multiple people claim to own the car because it has been in a couple of accidents. gerri: you talked about the big deals but how does this compare to anything else? what levels of appreciation does the market have? >> it is a huge right now. for iras, the mercedes, porsche, a ferrari, if you look at the market as a whole it is up
to 430% over gold that is around 270%. looking at those type of numbers that is where you have to check the blue-chip listing and follow the car they want there is 25 cars better listed those are not necessarily the cars they want. you cannot afford those but they do this to others. also there are web sites out monitor all of the auctions to do your homework. the secret is due talk to your friends than get involved with the club, find the bmw sitting in someone's garage that has not moved that is a deal the matter what condition. gerri: if i spent that much on a car identify could actually drive it. great job. we have all learned something i think my husband is taking notes. think you.
neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it. gerri: a scathing report out by the gao sheds more light on waste fraud and abuse in washington. the government shelling out more than $1 million of improper disability payments to people who have jobs for a 36,000 are not suppose to
be working better gaming the system and the report says the overpayments show major of weaknesses in procedures to police the system. outrage over welfare recipients in arizona instead of cashing in benefits and restores they are going to times square tuesday land and hawaii. are these cash grabs legal? we have a criminal defense attorney and prosecutor and our legal analyst. give us the the 101. >> of arizona 47 billion is spent on federal aid and not a huge percentage but some of it people go to the atm at casinos, strip clubs, bars, using the federal money right there. that is not what we are paying for both food and shelter.
gerri: the new state law bars that activity? is that the right thing to do? >> it is to taylor because you don't want to use taxpayer dollars for these purchases but the problem is when you use a debit card cage you really prove those withdrawals was used for that type of charges? >> you are in a strip club there is not too vigorous restores so you inhabiting a. maybe a candy bar in the liquor store but come on. >> call me the 83 taxpayer because i think we're giving you welfare payments then use it for food to feed the kids in the family. >> i agree but there are so many loopholes. we should try to make it a little more stricter on what
you can spend the money on. >> there should be a way to prevent the recipient from using the money in these establishments because the law targets the business owners that is unfortunate we need to target the recipient. gerri: that is the problem if you run a liquor store you hope to make a profit profit, should it be your responsibility at the end of the day to monitor everybody? >> that is my point. i don't think they should have to monitor everyone who uses that to becard. the recipient needs to be on notice you will be banned in and it will be revoked for you're not supposed to use the much easier but. >> then they just go over the result space. [laughter] -- the result space. >> they have to make those changes within their
businesses. it will not cost that much money. gerri: come on. >> they need to know you cannot spend the money at the strip club. gerri: does my heart goes out to them? >> no. [laughter] >> it is like a debit card but it is hard for a the business owner to run the business. >> if they see that they can say sorry i bike to give you this. gerri: we are as obsessed with arizona but what about local scene? >> yes. how far can he go? everybody can cheat the system because we see how much talking about arizona, that is just one state multiplied by
state-by-state in fact, it has a lower amount because they are being cheap, it's they give to welfare think of maybe new york for example. >> these critics say we should not dictate to the welfare recipients in they perpetuate the stereotype to say this is what they do. to avoid that the critics say we should not do anything. they liken them to the municipal workers. >> is not a stereotyped as they go into the strip club. it is evidence. gerri: day you agree? >> i don't. that is the problem there was of bill point to passing in the yorkville that is a problem. >> but my taxpayer dollars i
don't feel any compunction whatsoever. >> but spend your own money on that. >> that is just me. there is the bigger problem how the taxpayer dollars because there is no fox guarding the hen house and nobody cares because at the end of the day they feel it doesn't come out of their pocket. it is our pockets. >> it is a good step there should be a federal law to make sure interstate does not happen either. >> it does need to be fined two and but it is hard to say if you do this we prevent you from using these moneys and then somebody will do it anyway. >> of the lot is on the books they will be more wary >> i don't know how. [laughter] >> if they go to the atm
somewhere else and walkover? >> this is not working well. gerri: i don't see a way out thank you for helping us out. it is an interesting conversation. i oftentimes don't see the solution. time for a look at the store is on fox business.com. stocks are higher today keeping the september rally alive. one of the best weeks of the year around 3% however trading was light thanks to the start of the yum! kippur holiday. and with the new leaders of the lighthouse growing concerns about obamacare. the afl-cio says it could drive up the cost of the health plan encouraging employers to drop coverage. delayed after a computer failure of limited the airline's ability to dispatch planes. it was restored around 1030 but problems persisted throughout the day.
and moving ahead on the formalities of the ipo of the automakers saying it could be ready by the end of the year but the markets would be in a better position early next year. the sec filing will be ready by the end of the month. those are some of the stories that is hot on fox business.com. white couples are deciding not to live together before marriage. wrist bands seem to be all the rage but when you put your data into your device you know where it goes? you will be appalled. stay with us. ♪ my mantra?
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be shared with the third party without knowing it? with this study has findings that will surprise you. welcome to the show. tell me where my information is going i have this business sap that i love but i did not sign up to have a shared with everybody under the sun. >> there are hundreds of thousands and we studied 43 of the most popular both free and paid and what we learned to looking under the hood they go to advertisers of course, if it is free, the developers say want to know and the data analytics companies we found the difference between the three verses that paid we know if they are free fairview's reformation to make money but if you pay for its
people and kgb hater because of it. but mostly it you or change your behavior but they are more likely to be privacy invasive than that paid once because of the business model. gerri: what else have you learned? >> we found most to do not have data encryption. i was shocked considering they were fitness apps with very little encryption. water sharing with the third parties and of course, the difference is the paid are more privacy friendly based on their business models in the fact privacy policies sees are not that descriptive better there for the lawyers. gerri: i wish there is more for the consumer. i know you are very concerned with the issues of privacy. thank you. still to come, living
the luxury to fifth use the ticket within one year the new policy took effect today if you buy nonrefundable tickets and have to cancel all you will lose the value and they said they still allow sometimes to change without penalty. another one bites the dust. couples putting the idea of it to live together on pause. showing the rise of the unmarried couples living together has hit a plot to. with this we have the reality start -- and author of getting and keeping the guy that you want. it is not dropping off but fewer people are choosing this option? >> this study is pretty incredible that it is new territory for us.
recede 1960 we went from 0. 4 million people moving in together before marriage broke through the year 2008 was 3.8 million. gerri: but now it is flattening out? >> it is directly related to the recession 2007 through 2009. i know people are going to say they will move in together to save money but this study is showing a new phenomenon that is not true at all. this is that people's direct ability you will not see the guy moving in with his girlfriend that you see them move back in with their parents to save money on rent. gerri: unless the girlfriend can move and also. [laughter] but the reason they would do this is we want to test
about to see if it works like getting a student drivers' license. does that make sense? >> i think that was the old philosophy but what we see right now is it has become so prevalent that is almost since its own social standard hhving the same expectations as marriages is the next to marriage. if i am having financial problems at the one to move in with my boyfriend because that is pressure and responsibility in people taking a more serious. gerri: used to be the extension of dating for you could date seriously and the lease is about to run out you may move in with your boyfriend. but one of the differences in the learning curve is when you have a breakup period you're not married and you have access together
or you have stuff it could get very ugly. >> also very expensive. people think i don't have any legal implications but that is not the case. because of the recession if you have many issues you are more likely to have issues in your relationship because you argue about money. gerri: that is the number one reason for divorce. the recession is over. >> but i believe teeeighteen in general is recession-proof and how. [laughter] we may not be going out as much or spending money but at the end of the day we will all get lonely. i think we are likely to see people hanging on to their apartment a little bit longer but definitely we will all be dating.
gerri: after the recession is over who knows. today is friday the 13th for the most unlucky day of the year also one of the most successful franchises of all times. number five "the blair witch project." made nearly $141 million. number for the film from 2000 made nearly $156 million for a number three, the exorcist. i still cannot watch this. called the scariest movie of all time it made $233 million. number two, jaws the 75 -- 1975 has made generations to go in the water. number one of all time the $0.6. seeing dead people in 1999
brought in $294 million. gerri: what about the shark movie? nobody cares. we'll be right back with a question of the day. who should get minimum-wage? stay with us. ask me what it's like to get your best night's sep every night. [announcer] why not talk to someone who's sleeping on the most highly recommended bed in america? ask me about my tempur-pedic. ask me how fast i fall asleep. ask me about staying asleep. [announcer] tempur-pedicwners are more satfied
...amelia... neil and buzz: for teaching us that you can't create the future... by clinging to the past. and with that: you're history. instead of looking behind... delta is looking beyond. 80 thousand of us investing billions... in everything from the best experiences below... to the finest comforts above. we're not simply saluting history... we're making it.
♪ gerri: well, here are some of your e-mails on the topic we have been getting a lot of response do. restaurants banning children. you guys love that. barbara from new jersey says i am also banning yonder children and restaurants. parents and not discipline their children. they're noisy and obnoxious. at like kids, but want them to be taught manners. if john from virginia agrees. i have four sons and may serve that they behaved well at his restaurants. they're all grown up and have two children that our pleasure
to take to that a restaurant as my son adopted the same respect to show him. i must say i get irritated how little people do to control their children. it just is not fair to the folks who want to have a nice evening out. and if unruly children in restaurants are annoying. i am a father of four, and mine were taught how to act when going out to eat. if parents seem to stay on if they can teach kids to be polite and respectful of others. and a totally other topic, congress needs to have the same options and obamacare as we are going to be slapped with against their will. i agree. we love hearing from you. send me an e-mail. gets you gerriwillis.com. earlier in the show we were talking about the minimum wage because california is set to raise the state minimum wage to $10 an hour within three years. that would be among the highest in the nation. to do you think should set the minimum wage? marketplace or the government? here is what you are posting, facebook page if. the government, i mean that
people did elect them. cathy says the marketplace. stiff competition is better than a government mandate. we also asked the question on gerriwillis.com. 97 percent said the marketplace and the 3 percent said the government. be sure to log on to gerriwillis.com from our online question every weekday. now my "2 cents more" on this topic. california's move to raise the minimum wage is ridiculous. the idea that 2 million people will be helped by the move is ludicrous. employers who cannot afford the increase may just sacked these workers. people will lose their jobs. the fact is, in markets across the country people with so-called minimum wage jobs are earning more than minimum wage if. according to the labor department, about 5 percent of all hourly paid workers in the country make minimum wage. in 1979 was nearly three times that. even fewer adults. most minimum-wage workers are 25 and under, and most of them work part-time.
that is not a living wage, france. it is not supposed to beat him. these are not the means to an end but a way for people to enter the job market, experience , get on-the-job training and then have a career. as a teeseven study by a labor expert at the heritage foundation found that two-thirds of minimal wage workers get a raise within a year. basic economics dictates when something costs more people buy less of it, and that is the way with labor if. my first job in ohio page 12,000 per year, 12,000. and i would have been eligible for export dependant children. look, wages should be set by the market, not a bunch of bureaucrats. that's my "2 cents more." coming up monday and all next week, we will be examining what is happening to college education and bring if parents and students alike the tips, tools, and strategies for getting an education without breaking the bank. be sure jeff watts next week. great stuff. that is it for tonight on "the willis report." thank you for watching us.
if don't forget to record the show if you cannot catch us live. have a great night in a great weekend. ♪ ♪ lou: good evening, everybody. secretary of state announced today after the second session of bilateral meetings with the russian foreign minister that the talks on syria's handover of its chemical weapons went well. so well, in fact, the negotiations will continue tomorrow in geneva. the obama administration and the putin government appeared to have successfully moved this serious stalemate to a point that u.s. intervention may not occur if. the obama administration he is not making new demands, at least not in public, and is not issuing ultimatums beyond that divestment of chemical weapons. we tak